Softbank, World Bank to help developing nation Net start-ups

CBS.MarketWatch.com

TOKYO (AP) -- Softbank Corp. and International Finance Corp., a unit of the World Bank, said Saturday they will set up a joint venture to help entrepreneurs in some 100 developing countries start up businesses related to the Internet.

The venture, Softbank Emerging Markets, will be founded in Silicon Valley, the partners said.

In addition to investing in and extending credit to Internet-related start-ups, the enterprise will transfer its Web-related technologies and expertise to them, Softbank
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and IFC said.

The fund will be capitalized at $200 million and will be 75 percent owned by Softbank and the remainder by IFC.

The identity of the first venture to receive support will be announced as early as May, they said.

Developing countries ''will benefit from the economic rewards and quality-of-life gains associated with Internet growth,'' Softbank President Masayoshi Son said.

World Bank President James Wolfensohn said, ''With this initiative by IFC and Softbank, we are taking a lead in the effort to close'' the gap between countries and communities with knowledge and resources related to the Internet and those without them.

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